Goldplat PLC (GDP) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Goldplat PLC Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the Investor Meet company platform. And before we begin, as usual, I would just like to submit the following poll. And if you would give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from Goldplat PLC, Werner, good afternoon, sir.

Good afternoon, thank you, Jake. I think I'm privileged to be joined tonight or this afternoon, it's already evening on this side, by Brent Doster, our CFO; as well as Douglas Davidson from Ghana today. Yes, we're looking forward to give you a bit more insight into Goldplat, into the business as well as into the first half of 2024. Jake, can we continue to the slides? As indicated, we would -- okay. In terms of Goldplat PLC, I assume there is -- there's a few investors, current investors on the call and probably a few new faces as well. I'm therefore going to run through a full overview of where the company is and Douglas and Brent will also share some views in between. And then I think the important thing for me is to also get to the Q&As to make sure we address any current questions or any uncertainties that there is in the market. I guess as a start, Goldplat PLC, we've been a listed entity since 2006. The company has been cash generative throughout the recovery business. And we focused on creating value or recovering value from previously mined material, and Douglas will explain the process around that a little bit better in a few moments. I think the important thing is that we focus on assisting miners in terms of cleaning up their byproducts or assisting historic gold sites where there was mining, assisting landowners to clean up those areas and then we're processing recovered gold from that material. We've been doing that for more than 30 years and we've got quite a significant geographical reach. We source material out of Africa and also out of South America. We currently have operations in Ghana as well as in South Africa, and we're looking at expanding into Brazil in the near future. If we then look at current opportunities that is in the business, we do have a tailings facility that we've built up over the last 25 years in South Africa that contains a JORC-compliant resource of 82,000 ounces of gold and 216,000 ounces of silver. That is a JORC-compliant resource that's been done in 2016. Since then, we have deposited more material on that side, probably a further 600,000 tons and extending the volume from 1.6 million tons to 2.2 million tons currently on the facility. And we'll be looking at updating the JORC Resource in the near future. As indicated, we are a niche recovery business, and we've got a management team that has been part of the business for a very long time. And obviously, Douglas and Brent has joined us as senior executives in the last year. And the focus is really to take the business to expand the recovery operations and also to look at expanding our current value on the PGM front. If we then move to the next slide. As indicated, we've been listed since 2006, the share price has moved quite significantly over the last couple of weeks from an average of 6p in the last 3 to 4 months up to 8p. That's been primarily driven by the increase in the run that we've seen in the gold price. If we look at the Board members, a lot of the Board members has been with the company for a long time or have been shareholders in the company for a long time. We've got Gerard Kemp, that's been in the mining industry for the last 14 years as Chairman. We also have our major shareholder in Martin Ooi, owning 29% as a Board member. And then we've got, as I've indicated, Douglas Davidson and Brent that's joined us as executive management during the last year. I'm going to ask Douglas to give you slightly a bit more detail in terms of the value process. Douglas, are you there?

Yes. I'm here. Thank you, Werner. Just on a high level, so Goldplat provides responsible and bespoke processing and contractual solutions to blue-chip gold producers, platinum group metal producers and several land owners, mainly on previously mined resources and byproducts as -- and other waste materials as Werner has indicated. The purpose of this is to -- of the service is to extract value from that material while providing environmentally-friendly deposition of the remaining material. So on this slide, you would -- you see there just an example of the typical materials that we would treat and that we would get in on a regular basis, anything from fine carbons, mill liners, woodchips, grease, cleanups. Anything that a client comes to us with some -- with a requirement to extract value and to dispose of it in an environmentally-friendly manner. We would look at it and we would utilize our different process, technologies that we have. We've got the ability to reconfigure process streams depending on the clients' requirements and the requirements of the characteristics of the material and then produce it either in the form of gold and silver doré as well as gravity concentrates, fine carbons and ashes at certain grades that we then send off to refineries either inside South Africa or internationally for final processing. I think that this just explains sort of the basis of which we [indiscernible] and operate, extracting the value in an environmentally-friendly manner and applying a responsible gold principles that ensures that we always know where the material comes from, who the owners were. And we comply to licensing and regulation requirements in the areas that we operate.

Okay. Thank you, Douglas. If we then look at what all of that means just in terms of numbers over the last 4.5 years, I think this slide indicates that the company has been operating profitably at a operating profit averaging around GBP 4 million. What I didn't mention in the earlier slide is we currently had a market cap of just over GBP 13 million, have been on a market cap of between GBP 10 million and GBP 11 million for the last 4 to 5 months. And that is supported by our current operating profit. I think actually, the company is quite cheap. If we look at our net profit numbers which then includes interest, foreign exchange as well as taxes. On average, we've been generating GBP 2.5 million to GBP 3 million of profit. Now for the current shareholders or people that's been following the business for quite some time, I think I would like to just sort of give you a summary of exactly what has been happening with these profits over the last 3.5 years. If we look since 2020, we've been generating net profits in total close to GBP 11 million. And in essence, since basically 2020, we've moved away from our mining strategy. And the old shareholders will be fully aware of our strategy to invest into mining in Africa and become a junior miner. We moved away from that in 2019, 2020. In 2020, we actually written down roughly GBP 5 million relating to the transaction of the sale of our mining asset in Kenya. And since then, the focus has really been in terms of restructuring the balance sheet, securing the balance sheet. And the GBP 11 million we've generated has basically gone firstly to deal with some of those restructuring. We've bought back minority shares in South Africa, increasing our stake in the subsidiary in South Africa by 16% for around GBP 3.6 million. We've invested around probably GBP 4 million into capital, of which half relates to the new tailing facility in South Africa that's been completed. That gives us another fourth -- sorry, another 6 to 7 years of deposition capacity. And we've also seen increase in revenue returns in Ghana with the renewed focus of management when we stopped the mining activities and all of that resulted in further lockup of working capital on our balance sheet that we're looking at ways of obviously reducing going forward. We've also spent around $600,000 on dividends to minority shareholders and a further GBP 400,000 has been paid out as share buybacks. And that gives you basically a summary in terms of where some of these funds has gone over the last 3.5 years. Now I think the good news is that we need to look at is the fact that the TSF has been constructed now. So a big capital expense over the last few years has now been completed, and we expect it to stay in business capital should reduce going forward. We are 6 months away of repaying the final installment on the loan that we've incurred to buyback minority shares in South Africa. And then we'll be better placed to start looking at returning value to shareholders. Now this is just a high-level quick summary. And if there's anybody on the call that is interested in understanding the allocation of funds over the last 45 years, please, I'd appreciate if in the Q&A, you can maybe just indicate that, then we can pick up on it afterwards. And even if we can't deal with it further on this call, we can find a way of sharing that bit of detail afterwards. Okay. So as indicated, we've got operations in South Africa and Ghana. We believe it's market-leading gold recovery operations. We're quite unique in terms of what we do. And there's not a lot of other players in the market that does similar services for the companies. And we focused on providing services to clients in West Africa, Central Africa and obviously in South Africa, where we're also based. We source material out of various countries in South America as well and have been doing so for the last 5 years. So we've got quite a significant reach, and we've built up very strong relationships in those different jurisdictions and also with the different primary mines and groups in essence. There is still a lot of value in Africa and South America. There's still a lot of clients that we don't serve. And that is the primary focus of the Goldplat team, is to find ways of securing more [indiscernible] plant. At no point is the capacity of our plant really a constraint from a byproducts point of view that we received from primary mines. And we do have capacity to handle current volumes to a big degree. In Ghana, we had over the last 6 months, a very, very good period and we had a lot of supply out of South America, as well out of West Africa, and we delivered operating profit of GBP 3 million. And there is some foreign exchange losses that was also incurred on that and a lot of refinancing and interest around it, and Brent will go into the financial numbers a little bit later. In South Africa, we had a period where we went through some challenges, and we still maintain profitability over the last 6 months, creating profits of [ GBP 0,3 million ]. And again, Brent will deal with a bit of those detail a little bit later. If we just look at the 2 operations where we currently are and what our primary focus and key focus is for the near term, as indicated, sustainability of sourcing will always remain top focus in South Africa as well as in Ghana. In South Africa, our relationship with DRD Gold has secured us a good volume of supply of low-grade material that -- of which we've got probably 1.5 years' worth of supply on premises. And we also have a mutual understanding in terms of further supply that can be up to more than 4 years of supply to our low-grade CIL circuit in South Africa. And during the period, we've also been maintaining our contracts and relationships in South Africa. And then we're trying to expand. There is still clients in South Africa that we don't service and that definitely gives us the opportunity to support and grow the business going forward. If we look at growth and diversification, as indicated, we do focus on PGMs, but it will be our focus to find ways of increasing our share of that market. Obviously, South Africa is a big, big or actually the largest player in that space. If we -- sorry, the slide is now -- if we -- and we're also looking at ways of saying, well, can we use our skills and knowledge to also diversify into other commodities. We've done a small investment into coal technology. However, we haven't made any significant commitments around that at this point in time. If we then look at the biggest opportunity in South Africa remains the tailings facility. As indicated to the market over the last 6 months, the plan is to construct the pipeline to the closest pumping station of DRD to be able to pump the material through their circuits, which we believe is going to be the most optimal way of recovering value from that circuit. The cost in terms of processing in volume is going to be worth more than trying to process it separately and trying to maximizing recoveries. Over the last 3 months, 3 -- discussions with DRD, it has become apparent that there is some additional approvals that will be required before pipeline can be constructed, and we're currently investigating the shortest route in terms of getting everything approved and operational. We're also looking at ways of reducing the variables that's outside of our control to see if there's different ways of us moving the material to DRD's premises, and we'll keep the market updated in terms of that. And the plan would be to process that material over the next 6 years. And for us, the key is to find a way whereby we can start as soon as possible. Now in terms of the facility, I guess, there's really 3 things. The first one is to fully understand what is contained within the TSF. As indicated, the JORC-compliant resource set 82,000 ounces of gold contained in 2016. Since then, we've added another 25% to volume. Sorry, Douglas, Brent, I'm not sure if you are toggling the presentation. Okay. The -- if we -- so the first thing is to update the JORC-compliant resource, and we'll investigate doing that. We've delayed that process because we didn't want to invest the capital into doing that until we have finalized the process route to DRD and also finalize the commercials. But as we're getting closer to that point, we will definitely look at updating that and also giving the market better figures in terms of what is contained and potentially the capital from the tailings facility. Moving to Ghana. As indicated, our plant does have capacity to handle the material that we can source. We have had questions in the past that say, is there capacity constraint? Similarly, we had questions in South Africa asking whether we've got specific constraints and where the client isn't delivering to us because we can't process everything specifically because we're experiencing load shedding. The reality is that load shedding in South Africa has not caused any impact in terms of receiving material or in our ability to handle material even in the time -- or the reduced time we've got available to process that. Obviously, in South Africa, we do process lower-grade material where we would prefer to process more to recover more gold in a month. However, from a load shedding point of view, the impact over the last 3 months has at least started to reduce with -- as only losing a roughly 10% and not the 23% that we've experienced in the previous half year. But we'll keep the market up to date to that. Obviously, [indiscernible] for that to change at any point in time. And we don't have visibility in terms of how Eskom generation will look like over the next 12 to 24 months. On the generators that we will procure, while we're talking about that, those generators will be installed within the next month, and we'll also give the market a better update in the near term. And back to Ghana, we also, over the last 9 months constructed a small flotation plant to assist us in recovering more value from the material we already received. And that's in line with a lot of our capital we have incurred in the group over the last 36 months. If it wasn't stay -- in business capital, most of the capital has been spent to try and increase or improve recoveries throughout the group on the current material we do receive. In Ghana, exactly as in South Africa, the focus will remain on strengthening relationships, increasing resources and securing more material for our plant, without of West Africa or South America. And talking about South America, the focus will also be to try and on a measured basis start to invest in some processing capability in the near term, but that would be as and when required. Okay. Brent, if you can maybe just quickly run through the interim numbers up to 31st December. And then I'll take it further from there.

Okay. Thanks, Werner. Good evening, everyone. If we have a look at the financial results for the first 6 months of the 2024 financial year, the average gold price increased by 8% to $1,982 an ounce. However, the gross margin was only 12% compared to the 17.7% in the prior year. And that was mostly due to an increase in lower margin volumes in Ghana, the decrease in volumes in South Africa as a result of load shedding. We've seen a decrease in byproducts that we've been receiving and then as well as the gravities adjustment we referred to in our RNS around GBP 600,000. If you go further down the income statement, you're looking at admin expenses, that's still in line with the prior year. Net finance costs that has increased from the previous year and that's mainly due to an increase in volumes in Ghana, resulting in higher prefinancing required on the material sent to the smelters. It was the delays at the smelters, which we referred to before, which we have seen a significant improvement in over the last 2 quarters as well as a general increase in interest rates globally. So profit for the year then ended on GBP 1.1 million for the half year. Looking at the financial position of the group. Net noncurrent assets increased by basically the capital that we spent on property, plant and equipment, which was really the completion of the TSF in South Africa and the flotation plant that we're busy building in Ghana. Looking at current assets as well as current liabilities. There's net current assets of GBP 8 million. You'll see a decrease in the current assets from the prior year and then an equivalent decrease in current liabilities. So basically, the money we received on the inventories and trade receivables, we spent to pay those suppliers. There was an overall 8% return on equity for the year. And then the other key item is interest-bearing borrowings of GBP 667,000, which Werner referred to before, we will have that paid in full by October this year. Cash flow-wise, starting at the top. Although we generated profit for the year, that's either being locked up in working capital, which I explained, we've utilized to pay suppliers, hence the negative GBP 1 million. We used it for capital expenditure, GBP 793,000 on the TSF on the plant in Ghana as well as then paying the long-term debt of GBP 595,000. With the TSF being commissioned, the capital requirements in South Africa should reduce significantly and the remaining interest-bearing loan will be repaid by October. The net cash movement for the year was a negative GBP 1.2 million, which is really net working capital, the CapEx and the financing that was paid. So we ended December with cash and cash equivalents of essentially GBP 1.7 million. And subject to any other requirements, we should be able -- we believe we can improve visibility and free cash flow going forward that should allow us to distribute surplus cash to shareholders. And that's all. Thank you.

Thank you, Brent. That's much appreciated. I think in summary, maybe just to talk to where the focus is. As indicated, the main focus of the business remains on the current operations, on securing material and also just to build the relationships throughout West Africa and South America. And all were the same, obviously, intent, and that is to make sure we can secure material, not just for next year, but for longer term in terms of maintaining those relationships. Based on our operations and as we move into a period where we then repaid the money due on the share buyback done from the minority shareholders, we can then start looking forward to a period of returning value to shareholders. And as part of that, I mean, the big focus in South Africa is to start monetizing the stock then. That's been something going for the last 9 years. And we really believe that we're getting closer. Sometimes it's difficult to indicate to the market and how things does progress. But we truly believe that we are a lot better situated. We've got a lot more clarity and visibility in terms of being able to reprocess this material. And hopefully, we can provide more info in the near term to the market. As indicated, we will also look at utilizing our skills and abilities on the gold space to diversify into other commodities. And I think it's important to understand, and that's why I also put it last on the list, is that we will do this in a robust manner and we'll ensure that we've got proper visibility and certainty before we invest capital into this, and we'll make sure that the market is fully informed before any such decisions. Okay. I think we've come to the end of the presentation and it would be good to rather look at addressing some of your questions, maybe stuff that has not been dealt with as part of this presentation.

[Operator Instructions] I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your investor dashboard. We obviously received a number of pre-submitted questions ahead of today's event. And as you can see in the Q&A tab. We've also received a number of questions throughout your presentation this afternoon as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And Werner, sir, at this stage, if I may, just hand over to you just to chair the Q&A with the team, and then I'll pick up from you at the end, that would be great.

Perfect. Thank you, Jake. And thank you for the questions. There's been some pre-submitted questions. I'll quickly go through them. And then I'll jump into some of the questions that's been submitted just now. The first question was, what is the Board doing to address low share price, specifically, what are buyback and dividend plans? I think as indicated, it is the Board's attention to distribute surplus cash flow to shareholders. I think I've indicated earlier what the cash has been utilized for during the last 3 to 4 years. I think due to the fluctuating nature of supplies, material, we've received our working capital holding needs to be slightly higher than usual to ensure availability of funds when we require that for trade. That being said, cash flow has been impacted by increase in supply, the licenses from smelters, which now has returned to normal, as Brent just discussed. And I think [ stay-in ] business capital requirements and repayment of interest-bearing loans as well. Now with the TSF constructed, and I'm repeating ourselves now and the interest-bearing borrowings being repaid over the next 6 months, the Board aim to be in a position to return cash to shareholders considering all normal factors. If -- I hope that gives some clarity to the question. Over the past couple of years -- question 2, there have been some nasty surprises. How would you summarize the current financial outlook? Please summarize current business tailwinds, headwinds, as you understand things. Okay. Thank you for the question. I think, without giving a forward-looking statement, I think as indicated in our annual report before, the company is dependent obviously on various variables that does result in fluctuations in our revenue, in returns from quarter-to-quarter. I think potential headwinds that we're seeing apart from the gold price we're currently experiencing, and I'll talk about that a little bit more a few questions down. I think, obviously, good supplies, material, specifically what we're seeing in Ghana can be seen as stuff that's supporting the group at the moment. Obviously, we've got the [indiscernible] in South Africa that will have an impact, and we have indicated to the market that we're seeing a decline in supply of byproducts in South Africa. And obviously, load shedding is continuing, although with the generators coming on board soon that will assist, although that will come at quite some additional cost of diesel. I think in general, in terms of potential [indiscernible], you always need to consider regulatory, political and social economic landscape in the countries you operate, not just where we operate, but also where we secure material from. But these are items we try and manage as best as possible and on a proactive basis and where we can. And I think with the new TSF constructed and completed, we should have -- be in a position to start aggressively looking at TSF and there's more questions around that a little bit later, and I'll talk to that as well. What will the impact be in terms of the record gold prices on earnings? Yes, I think this is important to understand. And we have indicated this in the annual report is -- most of our byproducts contracts, we need to return a percentage of value to recover and to the suppliers. So in essence, our cost of sale is also linked to the gold price. So a percentage of our margin is obviously now worth more but it will not be as a function of revenue. So the increase in the share -- in the price of gold is not going to be creating multiples in terms of revenue. That will just be in terms of margin. So we'll definitely see an improvement in terms of margins due to the gold price, but it will not be linked to revenue but rather to the margin itself. We do, however, have material specifically in South Africa that we procure at a ramp-up time basis, where we will have some additional advantages due to the increasing gold price, and that's roughly about 20% to 25% of our revenue in our group. What is the highest margin feedstock and what is the lowest margin feedstock? Question 4. I don't think it's as simple as that. We do have significant high-grade material. And those materials can obviously have very small margins. The amount of processing we need is less and the value in the percent of those materials is a lot higher. So those material normally carries a lower margin. You'll find some of that material being processed in Ghana, and that is partly why you've seen a significant increase in revenue, although you haven't seen the significant increase in margin over the last 6 months. In South Africa, you do have low-grade stock. However, those require a lot of processing of the material. So there, the margin will also vary depending on how much processing is required, what is the cost of processing and what is the final return on that material. So from contract to contract, depending on grades, I guess, on average, your lower grade byproducts probably carries the most margin, but being low-grade also you need to secure a lot more of that to really generate the same return than on high-grade material. If we look at question #5, do more or different kinds of feedstock become available at higher gold prices? I think the answer is no. Not really. Material we receive does not increased because of the gold price. Some of the material we do have become more profitable as discussed. But no, it doesn't really impact behavior of the mines itself. Sometimes, it might actually have an inverse effect specifically if targets has already met. How do feedstock in Ghana and [indiscernible]? Well in Ghana and received only byproducts from current operating mines. Also, most of those operating mines is opencast mines. So we tend to have higher volume carbons at lower grades we receive, although we do have a few unique batches in Ghana where the grades are quite high, as we've discussed. In South Africa, we receive similar type of material than in Ghana, but that normally comes from underground mines and the nature of that byproducts tend to differ slightly. But in South Africa, we also process a lot of low-grade [indiscernible] through [indiscernible]. And that makes up roughly 60% of the gold produced in South Africa, and that's how Ghana and South Africa's material differ. How do we see the supply of woodchips evolving? So firstly, we only get woodchips mainly in South Africa. We've got similar stuff in Ghana, but in South Africa, we mainly receive woodchips. I think with the South African mines closing more and more shafts and only focusing on surface sources, the volumes of woodchips we have been receiving has been reducing, and that's part of what we've indicated to the market in terms of production in byproducts we've been receiving. And there, we believe there's still woodchips we can get, but that will require us increasing our share in the market, and that's where the main focus is at this point in time. And that brings us towards the end of the pre-submitted questions. Just want to go back to the new questions. Okay. Question #9. Can we please [indiscernible] what was the reason for the very late preparation of accounts last year? I'm not 100% sure what the question refers to, whether it's the previous year or the last year. I think last year, we submitted in December. The year before it was submitted slightly later, but I think the question has been addressed in some of the previous presentations, but it had to do to a lot of different factors. It was also the year we did the minority share buyback, and there was a lot of complicated transactions around that needed to be reviewed. And then question #10. Thank you very much for this. It's great to see the CFO and COO joining. Welcome Brent and Douglas with the [indiscernible] and finance team. Can we expect the annual report to be released on a more normal time line, and the AGMs to be more convenient time to shareholders? And it's obviously the focus from our side to get the reports out as soon as possible and to make sure that AGM happens towards probably the end of November. And we'll keep you updated as they progress. I assume Brent will take that as a challenge. What is the opportunities? Does gold prices -- the current high gold price opened up for gold [indiscernible] that weren't possible with the gold price of less than 2,000 ounces? In the end, our focus is really on low volumes that's being produced by operating mines at this point in time. So I think the opportunity for us more lies for me in finding a solution at these gold prices for the tailings facility to process that quicker. Apart from that, we'll look at, obviously, processing any material on site that's potentially lower grade to make sure we increase the length of our resource over time. It's not always just about increasing margin, but also increasing resource and managing the resource. Question 12, can you give some more color on what has gone wrong with the generator delivery time line? And how confident you are that the updated delivery installation date will be accurate? While I think in terms of the last part, we're quite confident in terms of delivery and installation of the generators. And limited -- well, I'm 100% confident that, that will be accurate. In terms of what went wrong, this was just as indicated on the RNS delay between -- the miscommunication between the supplier and the manufacturer and is something that we're obviously managing with them. However, as indicated, the impact over the last 3 months in terms of the generators not being installed has been limited due to the low amount of load shedding. And also the sort of -- so the need for the generator was less. And for us, I think what's important to understand on the generator and I think we've indicated this also to the market is to say, it is really there for us to have the ability to process when we have used significant losses in terms of power supply into the operations in South Africa. And yes, I think we'll keep the market update in terms of when everything is installed and running. When a company bought out some of the [ BEE stake ] in South Africa, the valuation was GBP 20 million for just that operation. Does the company still view that is the realistic valuation despite recent challenges for SA? I think in terms of the valuation performed about 3 years ago for the [ BEE ] transaction that involves more than just operation. Obviously, there was [ ZAR 100 million ] or in pound terms, close to GBP 5 million of loans outstanding from the group to that company that increased the valuation of the company above what was necessarily the value of the group at that point in time. We still believe that there's value in South Africa, specifically if we look at the tailings facility and the gold contained. And we are confident that we will continue to deliver on the set plan when we did the transaction with the minorities. Then question 14. Ghana has been performing exceptionally well. Can we expect this to continue at these levels or even grow profitably further? I think this is sort of a forward-looking question. The company is definitely performing well and getting good volumes of supply and the aim is to continue on delivering on the same norm going forward. Okay, just going through the questions. Okay. There is a question on capital allocation and dividends and buyback policy. I appreciate the comment, and it's in regards of us submitting a policy. And the Board is definitely reviewing ways in terms of how we can share that to the market better. As indicated, it is our policy to share any free cash flow or surplus cash flow to shareholders, and we're looking at ways of providing more clarity to shareholders in terms of what that entails. Okay. A question on how do we weigh our buybacks versus dividends? As always, that all depends on when we will do the buyback or the dividend. And if the share price is extremely -- is valued low, and we believe the value is a lot higher, there's definitely value in doing a buyback rather than the dividend and that we will consider at that point in time. Okay. Then there's questions around the current director shareholding and as indicated, I mean, obviously, from a Board perspective, we have -- we probably own more than 30%. I assume this question is more addressed to the executive management and it is obviously something that we did review and we consider, and we obviously have options also in place and different types of investments into Goldplat. Okay. I think we've come to the end of our questions. I'm not sure if there's anything else. If there's other questions, I'm happy to take that.

Werner, absolutely, that is all the questions. Thank you very much indeed for being so generous of your time and addressing all of those questions that came in for investors. And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended just for you to review, to then add any additional response, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But Werner, perhaps before really just looking to redirect those on the call to provide you their feedback, which I know is particularly to yourself and the company. If I could please just ask you for a few closing comments to wrap up with, that would be great.

Yes. Thank you, Jake. I think, I mean, obviously, there's a lot of questions and a lot of discussions. And in the group, we've experienced some challenges, specifically in South Africa and Ghana is looking extremely well. I think the company is still well placed specifically around looking at opportunities further [indiscernible] West Africa, South America and also on monetizing the tailings facility. And we're really looking at trying to get to a point where we can provide a bit more visibility and clarity to the market. I also hope that through the discussions, the market also feels a little bit more comfortable in terms of where our mind is in terms of making sure we provide value to shareholders and whether that's through dividends or buybacks. So yes, thank you very much again for joining us. And if there's anything more, please make use of the normal channels to share it with us. Thank you.

That's great. Werner, Douglas...

I'm not sure if Douglas or Brent wants to add anything.

No, thanks. Nothing further from my side. It was -- the interaction was good.

Nothing further as well. Thanks, Werner.

Perfect, guys. Werner, Douglas, Brent, thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you will now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of Goldplat PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good evening to you all.